Russian security company Kaspersky Lab yesterday claimed that a hacking ring has affected more than 100 banks in 30 countries over the past two years. The report says that hackers have stolen as much as $1 billion from banks around the world. First reported by the New York Times, the report will be presented Monday at a security conference in Mexico.

Here’s what they did.

The hackers gained access to the bank’s computer systems through phishing methods and other confidence scams. They then lurked in the institutions’ systems, taking screen shots or even video of employees at work. Once they became familiar with the banks’ operations, the hackers could steal funds without raising alarms, programming ATMs to dispense money at specific times for instance or transferring funds to fraudulent accounts.

Even though banking institutions have been known to be early adopters of technology, things like these are becoming frequent. There needs to be stronger focus on security as we move ahead from here.

Did you know? 85% of the Top Mobile Banking Apps in the APAC Region Fail Basic Security Check